The setting here presupposes that someone has buried a treasure and later died. The current owner of the field is unaware of its existence. The finder, perhaps a farm labourer, is entitled to it, but is unable to conveniently extract it unless he buys the field.[1] For a peasant, such a discovery of treasure represented the "ultimate dream."[2]

This parable is generally interpreted as illustrating the great value of the Kingdom of Heaven, and thus has a similar theme to the parable of the pearl. John Nolland comments that the good fortune reflected in the "finding" reflects a "special privilege,"[1] and a source of joy, but also reflects a challenge,[1] just as the man in the parable gives up all that he has, in order to lay claim to the greater treasure he has found.

The first two of these parables are intended to instruct believers to prefer the Kingdom of heaven to the whole world, and therefore to deny themselves and all the desires of the flesh, that nothing may prevent them from obtaining so valuable a possession. We are greatly in need of such a warning; for we are so captivated by the allurements of the world, that eternal life fades from our view; and in consequence of our carnality, the spiritual graces of God are far from being held by us in the estimation which they deserve.[3]

The hidden nature of the treasure may indicate that the Kingdom of Heaven "is not yet revealed to everyone."[4]

However, other interpretations of the parable exist, in which the treasure represents Israel or the Church.[5]

Jesus said, "The (Father's) kingdom is like a person who had a treasure hidden in his field but did not know it. And [when] he died he left it to his [son]. The son [did] not know about it either. He took over the field and sold it. The buyer went plowing, [discovered] the treasure, and began to lend money at interest to whomever he wished."

— Gospel of Thomas 109, Patterson/Meyer translation

This work's version of the parable of the Pearl appears earlier (Saying 76), rather than immediately following, as in Matthew.[7] However, the mention of a treasure in Saying 76 may reflect a source for the Gospel of Thomas in which the parables were adjacent,[7] so that the original pair of parables has been "broken apart, placed in separate contexts, and expanded in a manner characteristic of folklore."[7] The multiple changes of ownership of the field are unique to the Gospel of Thomas,[7] and reflect a different theme from the New Testament parable.[4]